Venezuela Revamps Development Funds
On August 28, 2012, the China Development Bank (CDB) deposited $4 billion along with the Venezuelan National Development Fund adding $2 billion to restock a China-Venezuela investment fund. China has a strategic energy interest in Latin America. The bilateral investment fund allocates money to infrastructure projects in Venezuela. Since 2007, China has lent more than $36 billion in capital toward infrastructure projects including railway transportation and housing. The country repays the loans to China with oil exports, sending nearly 640,000 barrels of oil a day to China.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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